Corning Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Net income attributable to non-controlling interest	67)	70)	29)	11)	19)
Net noncash charges	1,657)	1,355)	1,219)	1,516)	1,245)
Changes in assets and liabilities	(300)	(126)	258)	141)	(193)
Net cash provided by operating activities	2,005)	2,615)	3,412)	2,180)	2,031)
Cash paid for interest, net of tax¹	218)	212)	228)	245)	196)
Interest capitalized, net of tax²	32)	37)	29)	48)	43)
Capital expenditures	(1,390)	(1,604)	(1,637)	(1,377)	(1,978)
Free cash flow to the firm (FCFF)	864)	1,260)	2,032)	1,096)	291)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

^{1, 2} See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Corning Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Corning Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Corning Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	20.60%	22.90%	20.50%	17.80%	21.10%
Interest Paid, Net of Tax
Cash paid for interest, before tax	274)	275)	287)	298)	248)
Less: Cash paid for interest, tax²	56)	63)	59)	53)	52)
Cash paid for interest, net of tax	218)	212)	228)	245)	196)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	40)	48)	36)	58)	54)
Less: Interest capitalized, tax³	8)	11)	7)	10)	11)
Interest capitalized, net of tax	32)	37)	29)	48)	43)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 274 × 20.60% = 56

³ 2023 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 40 × 20.60% = 8

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Corning Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	34,821)
Free cash flow to the firm (FCFF)	864)
Valuation Ratio
EV/FCFF	40.29
Benchmarks
EV/FCFF, Competitors¹
Apple Inc.	32.55
Arista Networks Inc.	54.20
Cisco Systems Inc.	20.10
Super Micro Computer Inc.	40.34
EV/FCFF, Sector
Technology Hardware & Equipment	29.36
EV/FCFF, Industry
Information Technology	49.45

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Corning Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	33,529)	35,704)	40,033)	36,128)	29,055)
Free cash flow to the firm (FCFF)²	864)	1,260)	2,032)	1,096)	291)
Valuation Ratio
EV/FCFF³	38.79	28.34	19.70	32.97	99.75
Benchmarks
EV/FCFF, Competitors⁴
Apple Inc.	27.21	22.40	26.45	24.67	18.01
Arista Networks Inc.	39.01	89.96	38.46	28.99	15.17
Cisco Systems Inc.	10.98	13.55	15.50	10.47	12.58
Super Micro Computer Inc.	21.05	—	25.07	—	3.78
EV/FCFF, Sector
Technology Hardware & Equipment	24.85	21.85	25.07	22.39	16.86
EV/FCFF, Industry
Information Technology	34.38	27.28	28.22	24.29	19.88

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 33,529 ÷ 864 = 38.79

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Corning Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Corning Inc. (NYSE:GLW)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical